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Drill Pipe Market size worth $2.3bn by 2025

Drill Pipe Marketsize is expected to reach USD 2.3 billion by 2025, according to a new research report by Global Market Insights, Inc.

Increasing conventional and unconventional resources drilling coupled with rising number of rig count will drive global drill pipe market size. Premium grade is expected to witness significant growth in future owing to its application in offshore exploration and production.

These pipes can withstand under high temperature and pressure conditions. API grade drill pipes market is likely to grow over CAGR of 2.5% owing to its cost effectiveness.Offshore drill pipe market share was valued at over USD 890 million in 2015 and is predicted to grow at a CAGR of 3.2%. Increasing offshore drilling will further compliment industry demand. Offshore exploration and production projects are continuously running in Myanmar. In April 2016, Total launched 2D seismic survey in Yetagun West Block.

Gazprom is planning to produce over 1.1 billion cubic meter of natural gas from Kirinskoye field in Russia and China national offshore oil corporation has started oil production from Pearl river mouth basin in South China sea.

Increasing shale gas exploration and production will favor the growth of the U.S. drill pipe market size over forecast time frame. Canada was valued at over USD 130 million in 2015 and is expected to grow over a CAGR of 2.1% in the near terms

Global offshore segment was valued at over USD 892 million in 2015. Oman entered into contract with Medco Energi of Indonesia of USD 600 million to continuously develop 18 small and marginal field in southern Oman.

Kazakhstan was valued at over USD 35 million in 2015 and is expected to grow over a CAGR of 3.5 % during the forecast time. UAE drill pipe market size is likely to be worth over USD 37 million by 2025 owing to high investment in mature field to increase crude oil production capacity.

Saudi Arabia drill pipe is expected to expand at a CAGR of over 3% up to 2025. Emerging demand for oil & gas and increasing rig count may propel the industry growth.

Presence of reserve will favor the growth of Angola drill pipe market share in future. In June 2016, Sonangol, State oil giant announced that Kwanza basin holds 813 million barrel of oil equivalent which may favor the growth of this industry.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.